Hi just wanted to know, do you incur CGT if you decide to sell the property before settlement?
CGT works from CONTRACT dates. Not settlement dates. So yes.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
only if there is a profit.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
While the contract date is the date that the CGT is calculated on, if you get the timing right and say sell early July 2010, your tax return may not need to be lodged until May 2012 by a tax agent, so you could have up to 22 months before you need to remit the CGT to the ATO.
Just a factor to consider.
Greg
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